Jefferies accused First Brands of defrauding the bank, after the auto group’s collapse saddled it with losses. The CEO railed against counterparties and advisers, warning of weakened underwriting. The episode rattled markets, knocking regional lenders on credit fears.
China condemned what it called a smear campaign after a UK espionage case collapsed, dismissing witness testimony as groundless. Ministers warned the dispute could strain relations, while security chiefs voiced frustration with the outcome and the high bar for national security prosecutions.
Top financiers warn lending standards are eroding after collapses at specialist lenders jolted markets. They blame fierce competition and corner‑cutting in underwriting, with banks enabling risky structures. Calls grow for tighter scrutiny of non‑bank credit.
A senior US Treasury adviser condemned Beijing’s export curbs on critical minerals as trade warfare, calling them a sign of weakness that drags on global growth. He urged a coordinated allied response, while Beijing struck a conciliatory note, though frictions over tariffs and technology remain.
Twenty remaining Israeli hostages were released under a US-brokered accord, paired with the freeing of 2,000 Palestinian detainees. The deal outlines steps on security and reconstruction but faces hurdles, including fractious politics and enforcement risks that could stall progress.
Wall Street investment banks are on track to generate more than $9bn in third‑quarter fees, around 13% higher than a year ago, as buoyant takeovers and stock listings combine with a lighter regulatory tone to lift client activity and risk appetite.
Donald Trump warned he would raise tariffs on Chinese goods and saw no reason to meet Xi Jinping, remarks that reignited trade tensions and unsettled markets.
Two sides in a long‑running conflict have agreed to the first phase of a US‑led ceasefire plan in the region, with a hostage deal close and officials warning that verifying compliance and implementing security arrangements will be challenging.
The IMF and the Bank of England warn that soaring AI-linked valuations could trigger an abrupt market correction, citing dotcom-era parallels and narrow market leadership with uncertain productivity payoffs despite heavy investment.
The FCA estimates lenders will face about £11bn to settle car finance mis-selling claims, with a redress scheme covering roughly 14m agreements and rules designed to accelerate compensation and give the sector certainty.